Autonomous vehicle startup Nuro completed its Series E funding round, raising $203 million. Nvidia joined as a new investor in this Nuro funding round. Existing backer Baillie Gifford also participated, alongside new investors Icehouse Ventures, Kindred Ventures, and Pledge Ventures.
This latest capital injection added $97 million to the Series E round. The initial $106 million tranche was announced in April. Investment accounts advised by T. Rowe Price Associates, Fidelity Management & Research Company, Tiger Global Management, Greylock Partners, and XN participated in that first block.
Nuro's post-money valuation for this Series E round reached $6 billion. The company has now raised $2.3 billion in total funding. This valuation represents a 30% decrease from its $8.6 billion valuation in 2021.
Strategic Business Evolution
Nuro recently shifted its business strategy. The company now focuses on licensing its self-driving technology to automakers and mobility providers. This pivot followed economic challenges and industry consolidation.
Uber participated in the Series E round as part of a broader deal. Uber plans to launch a robotaxi service utilizing Nuro's technology in all-electric Lucid Gravity SUVs. Uber also invested $300 million in Lucid and committed to purchasing at least 20,000 Gravity SUVs.